Loan Steering: The Center for Responsible Lending estimates that excessive interest rates cost families $2.9 billion each year. CRL states: "When a borrower loses a home to foreclosure, society pays the price in the drop in surrounding property values and LOST TAX REVENUES."
1. Here is the formula: Yield Spread Premium and excessive interest rates = loss of tax revenues from mortgage defaults. 2. Clearly, this is one of the reasons for the lack of funding in our school systems. 3. I find it Ironic that Scott Veerkamp has not paid his taxes and FTCSC wants to sue the state over a "funding formula." 4. In other words, Scott wants taxpayers to pay for the lawsuit going in---and Scott feels no responsibility to pay his own taxes going out. 5. On a scale of 1-10 Scott Veerkamp's level of integrity is at ZERO.
